Inefficienze finanziarie recenti
Some unpleasant characteristics of the financial reality over the last few years are examined. First, financial growth was largely based on products that are not exchanged on organized markets, but rather over-the-counter. Moreover, they are often opaque and illiquid, and lack symmetric information. Therefore, important conditions that enable competitive markets to determine efficient allocations were absent. Second, banks tended to reduce risk taking through the packaging of credits into securities. This behaviour generated an increase in moral hazard and consequently, was another source of inefficiency. Third, the rules known as Basel 2 and IAS are strongly pro-cyclical, so that over the long run they favour systemic financial instability. With respect to these three problems, no relevant regulation has been introduced in the U.S. or Europe.
When requesting a correction, please mention this item's handle: RePEc:psl:moneta:2010:7. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.